VANCOUVER, May 23, 2012 /CNW/ - Polaris Minerals Corporation (TSX:PLS) (the "Company") advises that its
joint venture subsidiary, Cemera Long Beach LLC ("Cemera"), has entered
into a Purchase and Sale Agreement ("PSA") in respect of the freehold
land that it jointly owns on Pier B in the Port of Long Beach,
California.

The parties to the PSA are Cemera and Baker Cold Storage, Inc. dba
Castle & Cooke Cold Storage - Vernon, a large California-based operator
of cold storage facilities which requires the land for business
development purposes. The PSA is subject to customary closing
conditions for a sale of this nature, including due diligence and the
assignment of the AB389 indemnity agreement held by Cemera. It is
expected that the sale can be completed during this financial year, at
which time the Company will receive approximately $12 million from the
sale, net of closing costs and commissions. Under the terms of the
Company's recent debt financing, $5 million of the proceeds will be
used to pay down one third of the Company's outstanding debt without
penalty.

David Singleton, President of Eagle Rock Aggregates, commented: "We are
very pleased to have executed this purchase and sale agreement with a
well-established local group that has been considering this purchase
since the intention to proceed with a sale was first announced by
Cemera.

Polaris Minerals Corporation is exclusively focused on the development of quarries and the
production of construction aggregates in British Columbia for marine
transport to urban markets on the Pacific coasts of North America to
meet growing local supply deficits. In 2007, Polaris began shipping
sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver
and Hawaii.

This press release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities laws. These statements and information appear in this
document and include estimates, forecasts, information and statements
as to management's expectations with respect to, among other things the
future financial or operating performance of the Company, costs and
timing of the development of the construction aggregate quarry, the
timing and amount of estimated future production, costs of production,
capital and operating expenditures, requirements for additional
capital, government regulation of quarrying operations, environmental
risks, reclamation expenses, and title disputes. Often, but not
always, forward-looking statements and information can be identified by
the use of words such as "may", "will", "should", "plans", "expects",
"intends", "anticipates", "believes", "budget", and "scheduled" or the
negative thereof or variations thereon or similar terminology.
Forward-looking statements and information are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Readers are cautioned
that any such forward-looking statements and information are not
guarantees and there can be no assurance that such statements and
information will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed under
the heading "Risks and Uncertainties" in the Company's Annual Report
and under the heading "Risk Factors" in the Company's Annual
Information Form (AIF) in respect of its financial year-ended December
31, 2011, both of which are filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements and information whether
as a result of new information, future events or otherwise. All
written and oral forward-looking statements and information
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary statements.